Capital One and Settlement

Let them know that you do want to pay them but you can`t afford the minimums and that is why you are 158 day late. Also be sure and let them know that you may end up having to file bankruptcy. If they still won`t budge than oh well . No big deal. Let it go to collections and you can just settle with them. Hang in there . I know it can be frustrating but you will get through this.

thanks you so much for your response. Just to make sure I understand, when you say go to "collections" are you suggesting if they decline my next offer in and around the charge off date~ let it be charged off? There is so much info regarding "avoid the charge off"....but I have also read many opinions that it is not the end of the world if you have to negotiate from that point. What are your thoughts? I sincerely value your advice.

Cap1 is one of the hardest OC's to deal with. They keep excellent records and do have a tendency to wait until SOL is close to expiration before filing suit. If they do CO and send it to collections, then follow the steps for DV'ing but likely you will not be able to negotiate a settlement any time soon. Yes, you should avoid CO at all costs but @ 158 days late, your options are limited to what Cap1 will accept. I would let it CO and start saving to PIF down the road.

I know alot of people have had problems with CAp 1 and arrangements, but for me, they were the easiest to work with.

I had gotten some unexpected money about a year and a half ago and was going to pay off my debts, or pay them down. I proceeded to call my creditors, starting with Cap 1, and was told one of my accounts had been charged off and there was nothing they could do. I continued to call them everyday for a few days until I got someone that worked with me, pulled the account up and let me pay them off.

Another time, my son who is on disability needed to make arrangements on an account. Again I had to call numerous times until I got someone who put him on the hardship program, dropped all interest from that point on, until he got it paid off.
Like was mentioned, I found out that if you call your places, stress that you want to pay this off, but with the way it stands you can't, and dont' want to do bankruptcy, and is there any way to work something out. Sometimes this has not worked and I have had to wait until it went to collections, but most time it has worked with me..Good Luck-let us know what happens..karen

Capital One is not interested in settlements. Can someone tell me what the rationale for that would be?

Omg, Dont let it go to collections. They will sue you and take you to court then garnish your wages. That is what they are doing to me. I even had their account in a debt management program. They werent interested. Cap 1 is a nasty business. Amazing since the cheap a;;;s got a 333 billion bailout last Nov.

Hi to all, Cap1 will hold account for 180 days and then will pass it on to 'Debitas' an In-house DC. still can wait to deal and get stlmnt to clear it.

I do not agree with that. They took me straight to court to garnish my wages. They would not settle with me or anything. Any advise for me X?

I also agree that Capital one will not work with you. The best they will offer is to try to get you to make some small payment in order to avoid charge off for a few more weeks. They WILL sue! They don't care where your located or how small the amount is. If you google them on the internet, there are very few people that have had success in settling with them in 2009. I really never believed they would sue people for several hundred dollars....but they do all the time. Good luck with them!

If you don't have money to pay the original debt and they sue, what do they get? I presently don't make enough to live on and my car is fairly new so there is no equity in it.

They will likely get a judgement against you. This will allow them to proceed with garnishing your paycheck if your employed. The judgement stays against you for quite some time. So even if you don't work now & return to work later, they will still be able to garnish your wages. I know that they can also seize your bank account under certain circumstances. As far as other assets, I don't know exactly how that works. Others on here should be able to tell you more. What state are you in? Different rules for wage garnishment apply in different states.

Reading all this is stressing me out even more! I can't afford my Cap1 payment right now and now I'm finding out that it's going to be even worse for me if I don't pay. They sent me to collections when I was 2 days late (I kid you not). I am now 2 months late and with all the late fees, over the limit fees etc it's just gotten out of control! We have no one we can "borrow" money from as all our friends and family are in the same boat as we are. It just sux all the way around!

I lost my job and immediately called Capital One to work out something to reduce my interest rate. They raised it over 10 points instead and told me I had to miss three payments before they would even discuss a settlement. That was 18 months, four letters and twice weekly telephone calls abusing me in every manner they can think of...ago.

They are not willing to work with anyone on any basis, they use street tactics to shame and scare you into paying them, even though you are telling them you don't have any money.

At this point, I have given up and wait to see what will happen next. Good luck to the rest of you.

Cap One is one tough account to negotiate.

Discover is the other.

Good luck.

I called DS Financial at 866-833-6398 and they got me a very good settlement.

Suuure you got a good settlement from DS. I think it should be renamed BS. LOL